Symphony's $120 Million Gift Hasn't Made It Flush

Portfolio.com,, put out by Conde Nast, has published an article noting that the San Diego Symphony's $120 million gift has been a hindrance in some respects. Qualcomm chairman Irwin Jacobs and his wife Joan made the pledge in 2001, four years after the organization had emerged from bankruptcy. But the $120 million has discouraged other donors, says executive director Edward Gill. Excluding the Jacobs gift, the symphony has raised only $6 million in six years. The symphony doesn't get a lump sum from the Jacobs family. It gets $5 million a year for its endowment, and Joan and Irwin give $2 million a year to cover operating costs. When they die, the symphony gets $50 million. The endowment has swelled to $36 million from only $1 million in 2001, and the annual budget has doubled to $16 million. Gill wants another $100 million in endowment. Average pay of players is just $55,000, less than half of what other orchestras pay, according to Portfolio.com